Mastercard is set to launch a ‘Sustainability Innovation Lab’ in Stockholm, designed as a research and development hub dedicated to creating climate-conscious products.
The Lab will investigate the application of cutting-edge technologies such as 5G, quantum computing, and advanced artificial intelligence in addressing environmental issues. It will feature a dedicated R&D center focused on sustainable consumption and value chains, a ‘Labs as a Service’ platform to facilitate collaboration among partners and customers in product development, and a Mastercard Experience Center for interactive product demonstrations and engagement.
Research and development efforts are already in progress, involving Mastercard teams alongside startup partners and customers. The physical facility is scheduled to open in spring 2022.
Mastercard has a history of collaborating with innovative startups in the Nordics, exemplified by its recent partnership with Swedish fintech Doconomy to create the Mastercard Carbon Calculator. The company is also promoting climate-oriented fintech solutions through initiatives like the Climate Fintech Cards & Payments Challenge and its Start Path startup engagement program.
Kristina Kloberdanz, Chief Sustainability Officer at Mastercard, emphasizes the importance of developing innovative, practical solutions to meet global climate objectives: “As we work toward a more sustainable digital economy, the Sustainability Innovation Lab will empower us to co-create a diverse array of environmentally friendly solutions, bringing businesses and consumers together in the fight against climate change.”